India Precision Agriculture Market to Grow at Brisk Pace during Forecast Period
Increasing demand for
precision agriculture due to its benefits like timely and accurate insights
related to the farming, which helps to increase productivity, to drive India
precision agriculture market through 2024
According
to TechSci Research report, “India Precision Agriculture Market By Technology, By
Component, By Application, By Region, By Company, Competition, Forecast &
Opportunities, 2024”, India
precision agriculture market is anticipated to witness significant growth during
forecast period owing to growing concerns for food security and increasing
demand for maximizing yields. In 2018, contribution of agriculture sector to India’s
GDP was 18.39%, higher than the world’s average of 6.4%. Precision agriculture
helps to optimize use of resources and effectively meet the increasing demand
for food, which is anticipated to drive India precision agriculture market through
2024.
India
precision agriculture market can be segmented based on technology, component,
application and region. In terms of technology, the market can be segmented
into guidance systems, remote sensing and variable rate technologies. Guidance
systems segment is expected to witness rapid adoption during forecast period as
technologies such as Global Navigation Satellite Systems (GNSS) and Global
Positioning Systems (GPS) help to obtain crucial location based data which can
be used to take decisions related to crop. Among components, hardware is
expected to acquire the large share during forecast period as hardware
components such as sensors, cameras, etc., help to collect crucial information
pertaining to the soil. Precision agriculture market finds application in yield
monitoring, crop scouting, field mapping, weather forecasting & tracking,
among others. Yield monitoring segment is expected to witness extensive
adoption through 2024 as it provides farmer with information related to soil
properties and fertilizers, influencing the overall production.
Deere & Company, Trimble Inc., SatSure
Ltd., Fasal, Aibono, AgCode, Cropin, Intello Labs, Tech Mahindra Limited, among
others are the leading players operating in India precision agriculture market.
Companies operating in the market are using organic strategies such as product
launches, mergers and collaborations to boost their share. Moreover, several
start-ups consider precision agriculture as lucrative opportunity and are
entering the market.
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“Precision agriculture market in India is expected to grow at brisk rate
owing to subsidies offered by state governments for the purchase of farm equipment.
Moreover, increasing adoption of smartphones and rising focus of government towards
better agriculture practices is further anticipated to drive India precision
agriculture market during forecast period.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“India Precision Agriculture Market By Technology, By
Component, By Application, By Region, By Company, Competition, Forecast &
Opportunities, 2024” has
evaluated the future growth potential of India precision agriculture market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in India precision agriculture market.
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